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            <p class="ff3 fs17 mt10">Sumitomo Corporation Asia & Oceania </p>
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                <p class="ff3 fs15 cf3 mb10 tar ts1">A SCAO Group quarterly </p>
                <p class="cf3 tar ts1">ISSUE 4<br />JUNE 2013</p>
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                <p class="fs24 mb20">IN THIS ISSUE</p>
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                        <a href="dil_wong.html" class="fs14 pl3 pv4 bg2H dpb mb3">Jessie Wong (SCAS)</a>
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                    <p class="fs18 cf4 mb10">India: Soon becoming the first country to mandate CSR spending?</p>
                    <p class="ff2 fs15">India’s economy is amongst the largest in the world and is today one of the most attractive destinations for business and investment opportunities. As companies strategize to capture a share of the economic pie, the next question to ask is: What does it take to meaningfully participate in fuelling India’s sustainable development story? <br /><br />
                    
                    In a surprise move, the lower house (Lok Sabha) of the Indian parliament has passed a new Companies Bill in December 2012 that requires companies above a certain size to spend at least 2 percent of their annual profits over the last 3 years on corporate social responsibility (CSR) activities. Based on local Indian news reports, the upper house (Rajya Sabha) of the parliament is likely to pass the bill into law soon. If so, India would be the first country in the world to mandate CSR spending through a statutory provision.  <br /><br />

                    According to Forbes India, the government expects Rs 63 billion to flow in from India’s top 500 listed companies, going by the government’s 2% norm. If this list is expanded to the top 1,000 corporations including MNCs, co-operative banks and SMEs, then we are talking about at least Rs 120 billion. If this calculation is further extrapolated by geography, each of India’s 660 districts could get over Rs 18 crore of this investment (1 crore = 10 million). Undoubtedly a large sum like this generated on a year on year basis will help to alleviate many social as well as environmental issues ailing the nation.<br /><br />

                    Many argue that CSR should be voluntary by nature; that it is inspirational fundamentally and it is very difficult to legislate aspirations. Meanwhile, on the corporate front, Indian companies are demanding a tax set-off for the mandatory amount they have to spend. Just as this subject remains highly controversial to date, the Ministry of Corporate Affairs started formulating guidelines to classify what activity can be qualified as CSR and what expenditure can be counted as CSR spend. Looks like this is going to be a game-changer for CSR in India!
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                             <p class="fs18 mb10">We are doing good in India</p>
                            <p class="fs13 ff2">In an effort to develop the next generation of human resources, Sumitomo Corporation Group has been offering scholarship to students at the St. Stephen’s College in New Delhi since 1997.  The scholarship offer is also extended to the Loyola College in Chennai and Jai Hind College in Mumbai. </p>
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                                <span class="fwb">Scholarship award ceremony at St. Stephen’s College in New Delhi</span> <br />
                                SCIN CMD Mr K Okihiro with one of the recipients <br />No. of recipients: 30</p>
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                                <span class="fwb">Scholarship award ceremony at Loyola College in Chennai</span> <br />
                                Rev. Fr. M. S .Joseph Anthony Jacob, S.J., Director of Loyola College, with one of the recipients <br />
                                No. of recipients: 15
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